Congress unlikely to pass tax reform - KWWL - Eastern Iowa Breaking News, Weather, Closings

Congress unlikely to pass tax reform

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WASHINGTON, D.C. (KWWL) -

Politicians of all stripes in this election year are clamoring for simplifying the tax code and closing loopholes.  But that would mean Americans could lose some of their prized deductions.

Tax reform does sound like a good idea to lots of people, but where to start?  Eliminate the deduction for home mortgages? End the write-off for charitable contributions? How about expanding the Social Security payroll tax?

Congress won't likely enact any of those changes.  But analysts believe the souring tone in Washington and political fighting will result in none of the major tax overhaul proposals now on the table moving forward.

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